Citigroup released details of its latest monthly Macau table game survey on Monday, highlighting the fact that the average wager per player in premium mass and minimum bets on mass market baccarat continue to grow.
This is despite a seasonally slower month in March following the Chinese New Year holiday period in mid-February.
The latest survey found a 17% year-on-year increase in average wager per premium mass player to HK$20,689 (US$2,640), with the same total amount of HK$11.2 million (US$1.43 million) being wagered in the segment despite a 16% decline in premium mass players.
Likewise, average mass baccarat minimum bet increased 3% year-on-year Macau-wide to HK$2,028, (US$259) driven by a 6% increase in Cotai to HK$2,192 (US$280). The peninsula’s average fell 7% to HK$1,540 (US$197).
Citi analysts George Choi and Timothy Chau noted that Macau felt quieter during its March survey but pointed out, “March has always been an ordinary month in the calendar on a GGR per day basis.”
Given that average wager per player in premium mass and minimum bets on mass market baccarat still showed growth, they added, “We thus remain bullish on Macau gaming.”
The survey found that Galaxy Entertainment Group was the dominant performer in premium mass with 32% market share on observed play, including six whales at Galaxy Macau and one at StarWorld. Sands China was another notable mover and ranked second with 21% share – coming just months after the company revealed plans to ramp up its promotional activity in the segment.
Said Citi, “We still prefer Galaxy and Wynn Macau, but we think Sands China is becoming more interesting after the recent pullback. The market is probably overly pessimistic on the prospects of its EBITDA recovery quarter-on-quarter.”
